The Bank of Ghana (BoG) said it has rescheduled its upcoming interest rate decision to 7 October from 26 September, to coincide with the end of an IMF mission to the country. “The Bank of Ghana is rescheduling its 108th Monetary Policy Committee meeting to coincide with the end of the IMF mission to allow the decision on the policy rate to...
Provisional results by the National Insurance Commission indicates that the total capital base for the insurance industry grew by 33.0 per cent to ¢3.88 billion in 2021, from ¢2.91 billion in 2020. This improved the Capital Adequacy Ratio (CAR) in both the Non-Life and Life sectors of the insurance industry. In 2021, the industry average CAR improved to 456.0 per cent and...
Chief Executive Officer of the Ghana Association of Banks (GAB), John Awuah, has described as ‘impossible’ the assertion that banks in the country could be benefitting from the difference between respective lending rates by borrowing at the lower rate and on-lending to the market at the higher rate, citing mechanisms put in place by the central bank to forestall...
The Bank of Ghana has collaborated with the Ghana Police Service to arrest over 76 illegal foreign exchange dealers operating in the ‘Black Market’. The distress action, according to the Central Bank is part of measures to save the cedi from further depreciation. They are expected to face prosecution. The ‘Black Market’ dealers are said to be contributing to the rapid fall...
With a combined commitment of GH¢10billion, government has signed a contract for the YouStart Commercial Programme with the Ghana Association of Bankers (GAB) and 13 leading banks. The three-year commercial programme – with a commitment of GH¢10billion -guarantees that YouStart will serve as the main engine for producing one million jobs for the next three years. Through YouStart, government aims to...
As of the end of December 2021, total financial sector assets increased to ¢260.43 billion, about 59.1% of Gross Domestic Product. This was from ¢213.35 billion (55.6% of GDP) at the end of December 2020. According to the Financial Stability Review report, assets size growth was broad-based with the Securities Industry (excluding pension funds) recording the highest growth rate of 77.4%,...
